VA Loans over $1m for Purchase and Refinance
We recently wrote a couple articles on the benefits of VA Jumbo Loans, those over $453K. Here are the two articles on VA Jumbo loans:
Even though both articles are chock full of information on VA Jumbo (ie VA High Balance or VA Super Jumbo loans, I felt there were a couple of points to add.
We offer VA Loans up to $1.5m. Many banks cap their VA Loans at $453K, $650K, $729K or $1m. Many lenders also do not allow you to exceed the VA County Loan Limit. WE DO Offer VA Loans over the County VA Loan Limit. VanDyk Mortgage lends on VA Loans up to $1.5m, and we allow you to exceed the county loan limit. Please visit the articles for details on how this is done.
The VA Refinance is also a great way to refinance out of a non-VA loan into the safety and security of the VA Fixed Rate Jumbo Loan. Many luxury homeowners took advantage of ARMs such as Interest Only and Option ARM, only to be disillusioned as the market dropped. As Conventional loans turned them down due to lack of equity, or offered exorbitant rates on their Jumbo’s, many Veterans are well served to call us and see what a VA Jumbo can do for you.
Here is one scenario that we recently closed that illustrates this nicely.
VA Refinance over $1m – Veteran borrower recently completed an extensive remodel on home. First Mortgage was $840K, at a 6% rate. They had taken out a $300K second mortgage to complete the remodel – it was an adjustable rate home equity line of credit (Heloc), and they had some miscellaneous construction costs being carried on Credit Cards totalling $30K. A total of $1,170,000 owing. The home is worth 1.5m. Since the second mortgage and Credit Cards were included, their bank considered this a Cash Out Jumbo Loan, and capped the loan at 70% loan to value ($1,050,000), far short of what they need to consolidate these loans, not to mention their Jumbo Rate was pretty high compared to a VA Jumbo Rate.
Here comes the good part for our Veteran: We put together a VA Jumbo Loan that paid off the First Mortgage, Second Mortgage and the Credit Cards at a very competitive 30 yr fixed interest rate. Not only did the VA Loan get it done, it was a lower rate than the True Jumbo loan that required more equity/ down payment. Their county VA Loan limit was $453K and this loan made great sense, if you are in a higher VA loan limit county, you wouldn’t even need as much equity as they had to make it happen.
VA Purchase over $1M – Veteran Buyer in Oakland, buying dream home on the hill. OK, it was more like a castle. The purchase price was $1,100,000. The Oakland VA Limit is $679,650 (much of the bay area is at $679,650 for the VA Loan limit for 2018). The VA Buyer put $105,088 down (9.6%) and received a very competitive 30 year fixed rate VA Jumbo loan.
VA Jumbo’s do require at least 580+ credit, good assets, fully documented income and a good VA Loan Officer, however we are able to help qualified Veterans who have suffered a Foreclosure, Bankruptcy, or Short Sale as soon as 24 months after the event. Call the VA Loan Pros at VanDyk Mortgage today at 866-900-2342 or get started online here on your VA Loan Pre-Approval
We offer VA Jumbo Loans over $1m are available throughout California and Washington, up to $1.5M
I changed these slightly to protect the privacy of each borrower, and left the VA Funding fee out of the calculation to simplify, but it doesn’t change it much.
>>> Get started here on your VA Loan PreApproval or give us a call at 866-900-2342 (toll free direct)